Bitcoin continued its rapid climb and hit another all-time high Monday as U.S. lawmakers begin a week focused on passing pro-crypto legislation.

Data from CoinMarketCap showed bitcoin climbed above $123,000 early Monday, up from about $108,000 only a week ago. The world's oldest and most popular cryptocurrency is currently the fifth most valuable asset class in the world at $2.4 trillion, giving it a higher market cap than Amazon.

Wall Street is pointing lower before the opening bell with new tariffs announced for Europe and Mexico and as the unofficial start of earnings season get under way this week.

Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq each retreated by about 0.3% early Monday.

European trade ministers are meeting in Brussels on Monday, following U.S. President Donald Trump's surprise announcement of 30% tariffs on the European Union.

The EU is America's biggest business partner and the world's largest trading bloc. The U.S. decision will have repercussions for governments, companies and consumers on both sides of the Atlantic.

Brazilian President Luiz Inácio Lula da Silva said Thursday that he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country's criminal trial against his predecessor, Jair Bolsonaro.

Lula said he will trigger Brazil's reciprocity law approved by Congress earlier this year if negotiations with the U.S. fail.

Just hours after hitting all-time highs, Wall Street was poised to open with losses on Friday, a possible sign that President Donald Trump's wave of tariff letters is again raising concern among investors.

Futures for the S&P 500 and the Nasdaq fell 0.5% before the bell, while futures for the Dow Jones Industrial Average futures slid 0.6%.

Stocks are off to a sluggish start on Wall Street, while Delta Air Lines led a rally in airline stocks after releasing a solid outlook for the rest of 2025. The S&P 500 slipped 0.1% in the first few minutes of trading Thursday. The Dow Jones Industrial Average edged down 28 points, or 0.1%, and the Nasdaq composite fell 0.1%. The Nasdaq, which is heavily weighted with big technology companies, set an all-time high the day before. Cereal maker WK Kellogg soared after agreeing to be acquired by Nutella maker Ferrero Group. Copper prices rose.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

The OPEC oil cartel said Thursday that demand for crude will continue to expand through at least 2050, calling efforts to rapidly shift away from fossil fuels an unworkable fantasy.

In its latest annual report on the outlook for oil demand, OPEC sees oil demand rising by 18.6 percent from 103.7 million barrels per day in 2024 to around 123 mbd in 2050. "There is no peak oil demand on the horizon," said Haitham Al Ghais.

World shares mostly climbed on Wednesday, following a choppy trading day on Wall Street as the Trump administration seeks to win more favorable trade deals with nations around the globe.

In early trading, major indexes in Europe were all higher. Germany's DAX added 0.7% to 24,373.05. Britain's FTSE 100 edged 0.1% higher to 8,861.90. France's CAC 40 rose 0.8% to 7,829.04.

President Donald Trump and his advisers promised a lightning round of global trade negotiations with dozens of countries back in April.

White House trade adviser Peter Navarro predicted "90 deals in 90 days.'' Administration officials declared that other countries were desperate to make concessions to avoid the massive import taxes – tariffs -- that Trump was threatening to plaster on their products starting July 9.

When President Donald Trump last rolled out tariffs this high, financial markets quaked, consumer confidence crashed and his popularity plunged.

Only three months later, he's betting this time is different.